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brian.bassett@sentry.com
cell: 414-881-4204

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Do you have credit scores in the low 600's?

"You may still qualify for a low 30 year fixed interest rate mortgage"

“FHA, VA & USDA LOANS ONLY REQUIRE A 620 CREDIT SCORE"

BANKS DON'T DO THIS!

Single Family Housing Guaranteed Loans - 100% No Down Payment, Low 30 Year Fixed Rate, All One Loan, No Monthly Mortgage Insurance, No Pre Payment Penalty!  PURCHASES ONLY!

The Guaranteed Rural Housing (GRH) loan program provides moderate income families with access to affordable home ownership in eligible areas with a population under 20,000 people. Approved GRH lenders provide home purchase financing requiring no down payment and can finance loan closing costs and repairs up to the property's appraised value.

Program Details

Applicant Eligibility:

Applicant must:

- Have adequate and dependable income.

- Be a U.S. citizen or be legally admitted to the U.S. for permanent residence.

- Have an adjusted annual household income that does not exceed the moderate income limits for the area.

- Demonstrate adequate repayment ability (i.e. 29% principal, taxes, insurance and interest; 41% total debt ratio). Repayment ratio acceptability is determined by the approved lender.


Property Eligibility: 

Property must be

- A new or existing stick built or modular home meeting HUD guidelines.

- A new manufactured home on permanent foundation.

- Owner occupied and not income producing.

- Located in an eligible rural area or community.


Loan Terms: 30 year fixed rate mortgage.

Interest: Negotiated between the approved lender and the applicant.

Credit Requirements: Applicants must have a credit history that indicates a reasonable willingness to meet obligations as they become due. Credit acceptability is determined by the approved lender.

Fees: Guaranteed fee of 2.0% of loan amount is charged to the lender and is typically passed on to the applicant. Lenders may charge normal and customary fees for their services.

WI Income Limits and Eligible Properties for Single Family Housing Guaranteed Loans (PDF)

Up Front Costs...Things you might need before you close on your new home: 

Appraisal:                                     $250 to $450 (Type, Duplex, FHA)

Home Owners Insurance:               $500 to $700 (Credit Score, History)

Earnest money:                            $500 to $1,000 (Realtor)  * Credited back on closing statement

                                                   
                                                   $1,250 to $2,150

                                                   “Average” upfront costs are $1,400

With an Inspection:                       $250 to $450 (Inspections are not required, optional)

                                                   $1,500 to $2,600

                                                   “Average” upfront costs are $1,700

With a Water Test:                       $250 to $500 (Mostly for Rural locations, Water wells)


                                                   $1,750 to $3,100

                                                  “Average” upfront costs are $2,200
 

First-time Home Buyer Tax Credit

The tax credit available to first time home buyers was increased from $7,500 to $8,000 for homes purchased between January 1, 2009, and December 1, 2009. Also, the credit no longer needs to be paid back as long as you live in the home without selling it for at least 3 years. The previous version of the credit expired on July 1, 2009, and required home buyers to pay the funds back over a 15 year time frame. The income limitations remain the same ($75,000 for single tax payers claiming the full credit and $150,000 for married tax payers), as do most other qualification requirements. Also, the credit remains refundable. This means That first-time home buyers who owe less than $8,000 in taxes for the year are still eligible for the full $8,000 credit when they file their tax returns. In that case, the IRS will write you a check for the difference between $8,000 and your actual tax bill.  In fact, the credit can be claimed on your 2008 tax returns that you file by April 15, 2009, even if you buy the home in 2009.  There is one catch, however: if you bought the home in 2008, the credit remains $7,500, and it still needs to be paid back over a 15 year timeframe beginning in 2011 when you file your 2010 returns.
 

*LET US SEE IF YOU QUALIFY!!!

If you would like to purchase a home.....click here to apply online secure